Is it Time to Move into a Single-Story Home?

 

Is it Time to Move into a Single-Story Home?

Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:

What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Let’s connect if you’re ready to purchase the single-story home you need while homes are so affordable today.

Today we have a guest post from Michael Longsdon Elder Freedom @ Empower the Elderly  http://elderfreedom.net. Michael will share some thoughts with us about senior downsizing for a successful move. 

Photo via Unsplash

 

Senior-Friendly Downsizing: How to Ensure a Successful Move

 

Thinking about downsizing in your senior years? After retirement, many seniors find that they no longer need as much house as they once did. And all of those rooms get a little more difficult to maintain and keep clean over the years. Who wants to spend their retirement mowing the lawn, wading through clutter, and plugging away at relentless home maintenance? If you’re considering a minimizing move, here are some tips to keep in mind!

 

Selling Your Home in a Pandemic 

Selling your home is a major part of the downsizing process, and likely one of the more stressful items on your to-do list. To make things easier on yourself, hire a great real estate agent who can take the lead. An experienced agent like D. Lisa West will have all the knowledge needed to market your home and find buyers as quickly as possible. This is especially important during the coronavirus pandemic! If you’re concerned about potential buyers bringing COVID-19 into your home, ask your real estate agent about virtual showings. Thanks to video-chat tours and 3D walkthroughs, it’s possible for buyers to tour homes without ever stepping foot inside! 

When it comes to selling your home, you also have to consider the best day to list it. According to Redfin, homes listed on a Wednesday tend to sell for the most money while homes listed on a Thursday typically sell the fastest. So, it’s important to think about your goals carefully when deciding which day of the week to list your home!

 

Finding Your New Home 

As you begin looking for your new home, think about where you want to live. This is your opportunity to move somewhere that fits your lifestyle and personal preferences.

Besides location, there are a variety of other factors to consider when searching for your new home. For example, how will your home accommodate aging in place? Buying a home with accessibility features will ensure you can remain in the home for as long as possible! Keep in mind that you can make your own accessibility modifications after moving in. You can hire a professional to take on all kinds of home modification projects, like lowering your countertops, adding a stairlift, or replacing showers and toilets. You’ll also need to consider home prices in the areas you’re looking in. Seattle home sales have been averaging $742,000, but you can find a smaller home for considerably less.

 

Decluttering Your Possessions 

One of the most difficult parts of downsizing is decluttering. Not only can decluttering be physically taxing, but mentally exhausting as well. It’s important to approach your decluttering projects one day at a time. Start with a really small section of your home, like a single kitchen drawer or bathroom cabinet, and work from there. The last thing you want is to take on too much and wind up overwhelmed. It can also help to have a friend or family member with you for emotional support and encouragement. You’ll be surprised at how hard it is to say goodbye to stuff you don’t even want!

 

Surviving Moving Day

 Moving day is another hurdle to conquer on your downsizing journey. Again, take it one step at a time. Constellation recommends creating a moving checklist a couple of months out so you can start tackling important tasks well ahead of time. For example, it’s a good idea to book your movers at least two months in advance, especially during the busy summer season. Remember to update your address with the post office and switch over your utilities to your new home. Finally, if you have pets, make a plan with a friend or family member to get them away from the moving action. Once the moving day is over, you’re nearly done with this whole process. All you have to do is unpack and set up your new home!

 

Downsizing isn’t easy, but the result is often worth the work! Think about how your life will improve without the ongoing demands of your large house and the clutter it contains. As you navigate the downsizing process, focusing on your end goal will help you make it through!

Great Tips to Assist Seniors Tackling Financial Decisions After a Spouse Has Passed

I work with many seniors in the real estate business and like to help and support them as they age. Lucille Rosetti  recently shared some information with us about assisting seniors with financial decisions after a spouse has passed.  If you would like more information you can reach her at the following places.  info@thebereaved.org │The Bereaved 

                                          Photo by Pexels

Great Tips to Assist Seniors Tackling Financial Decisions After a Spouse Has Passed

Losing a loved one is an emotional challenge, but many people don’t realize that it’s also a financial challenge. When a senior has lost their spouse, there are monetary decisions that must be made to help support and prepare the senior loved one even when they will not feel ready to move forward. As a senior prepares to look toward their future, they will have to make decisions such as downsizing their home or protect themselves from potential financial abuse. This list of tips will help protect your beloved senior from being taken advantage of and let them focus less on their finances and more on their retirement.

Consider Downsizing the Home

Unfortunately, when a senior’s spouse dies, they are often left alone in their home. If a senior hadn’t downsized previously — or is interested in downsizing again — it is important to contemplate where a senior is interested in living next. According to SeniorDirectory.com, there are many different reasons why seniors downsize, including making money to pay off previous expenses or keep the home more mobile-friendly and prevent potential tripping.

When seniors consider downsizing, it is important to decide if they would like to move to a new neighborhood, a retirement community with fellow Baby Boomers, or move down the street in order to access current friends and family members. As your senior begins the process of moving and getting rid of items, it is important to let them grieve and reminisce. On the other hand, giving away items early allows for seniors to share their stories with the younger generation that makes the gift even more special.

Develop a Plan for Mental Decline

As seniors age, it is important to prepare for the possibility of their mental health declining even if they don’t have Alzheimer’s or neurodegenerative diseases. However, one of the first signs of Alzheimer’s or dementia is the lack of being able to handle financial matters. As you take your senior to the doctors to understand what could be impacting their mental function, help your senior loved one simplify their financial lives. Seniors may need and some banks want trusted family members to be the agent when it comes to estate-planning discussions. If your senior starts to forget paying bills on time or accusing someone else of stealing or mismanaging money, these are signs that they may no longer be in the best position to handle their finances.

Avoid Elder Financial Abuse

When a senior loses their spouse, they also lose their financial partner when it comes to making decisions with besides income. According to Consumer Reports, it is estimated that $30 billion a year is lost by seniors due to elder financial abuse, and they often go unreported due to embarrassment or poor health. To prevent elder financial abuse, it is important for loved ones to keep their seniors from becoming isolated. This includes asking questions and making sure they are paying their bills on time. In these situations, it is imperative to keep an eye on your loved one, including looking for unusual activity in bank accounts, changing from a basic account to a more complicated one, new people accompanying them to the bank, or sudden unpaid bills.

Think About Opening a Business

On the other hand, seniors who are still cognitively sharp and want to continue working should consider opening their own business. This will help give your senior something to actively work on that can help them transition into a life without their spouse. Starting a business is great for seniors who want to do what they love full-time, learn something new, and be their own boss. Other great jobs for seniors include being a travel tour guide, babysitting, or becoming a tutor. As they’ve already retired, this job should be thrilling and fun.

As seniors lose their life partner, it is important to help them through this difficult time. This includes keeping an eye on your loved one and helping them make financial decisions. Lastly, encourage your senior to be as independent as they can.

Alexa or Google Home

Many people I know have either an Amazon Alexa device or a Google Home device. The people that  own one of these devices also varies by age. I know there are all sorts of integrated apps that you can use with either device,  but I'm just beginning to learn how many seniors have one and how useful these devices can be.

You can use them to play games, check the weather, find your cell phone, get encouragement, turn on lights, medication reminders and more. One of the most intriguing to me is the Ask My Buddy skill. By setting up this feature to work with your device, if you need help you can say "Alexa, ask my buddy to send help" and your contacts will receive alerts. This is not a substitute for calling 911 but would be helpful if you can call out but are unable to reach your phone for a text or a call.

Here is a link to the directions to set up this app if you're interested. Ask My Buddy helpful instructions.